accbp 4

100問 • 1年前

Sab Sescon

通報

問題一覧

Relate to a reporting entities financial position

asset liabilities equity

Relate to a reporting entities financial performance

income and expenses

A present economic resource controlled by the entity as a result of past events

asset

Is a right that has the potential to produce economic benefits

economic resource

A present obligation of the entity to transfer an economic resource as a result of past events

liability

The residual interest in the assets of the entity after deducting all its liabilities

equity

Increases an assets or decreases in liabilities that result in increase in equity other than those relating to contributions from holder of equity claims

income

Decreases an assets or increases and liabilities that result in decreases in equity other than those relating to distributions to holders of equity claims

expenses

The basic summary device of accounting

account

A separate account is maintained for each element that appears in the BALANCE SHEET (_______) and then the INCOME STATEMENT (_______)

asset, liabilities, and equity income and expenses

The simplest form of account is known as

t account

The account has three parts

account title left side or debit side right side or credit side

It states that assets must always equal liabilities and owners equity

accounting equation

The basic accounting model is

asset = liabilities + owners equity

The accounting equation

asset = liabilities + owners equity

______ is based on a DOUBLE ENTRY SYSTEM which means that the DUAL EFFECTS of a business transaction is recorded

ACCOUNTING

ACCOUNTING is based on a _______ which means that the DUAL EFFECTS of a business transaction is recorded

DOUBLE ENTRY SYSTEM

ACCOUNTING is based on a DOUBLE ENTRY SYSTEM which means that the _____ of a business transaction is recorded

DUAL EFFECTS

A _____ side entry must have a corresponding ____ side entry

debit credit

For every transaction there must be _____ debited and _____ credited

one or more accounts

Each transactions affect at least

two accounts

The total debits for a transaction must _____ to total credits

always equal

An account is _____ when an amount is entered on the left side

debited

An account is _____ when it is entered on the right side

credited

The abbreviations for debit and credit are _____. (from the latin _____) and _____. (from the latin ______)

DR debere CR credere

Increases in assets are recorded as

debits

Decreases in assets are recorded as

credits

Increases in liabilities and owners equity are recorded as

credits

Decreases in liabilities and owners equity are recorded as

debits

Increases in income are record as

in credits

Decreases in income are recorded as

debits

Increases in expenses are recorded as

debits

Decreases in expenses are recorded as

credits

What is the normal balance of assets

debit

What is the normal balance of liabilities

credit

What is the normal balance of owner's capital

credit

What is the normal balance for withdrawals

debit

What is the normal balance for income

credit

What is the normal balance for expenses

debit

What are the types and effects of transactions

source of assets (sa) exchange of assets (ea) use of assets (ua) exchange of claims (ec)

An asset account increases and corresponding claims (liabilities or owner's equity) account increases

source of assets (sa)

Examples Purchase of supplies on account Sold goods on cash on delivery bases

source of assets (sa)

One asset account increases and another asset account decreases

exchange of assets (ea)

Example Acquired equipment for cash

exchange of assets (ea)

An asset account decreases and the corresponding claims (liabilities or owners equity) account decreases

use of assets (ua)

One claims (liabilities or owner's equity) account increases and another claim (liabilities or owner's equity) account decreases

exchange of claims (ec)

Examples Settled accounts payable Paid salaries of employees

use of assets (ua)

Examples Receive utilities bill but did not pay

exchange of claims (ec)

What are the two types of effects for source of assets

increase in assets = increase in liabilities increase in assets = increase in owner's equity

What is one type of effect in exchange of assets

increase in one asset = decrease in another asset

Two effects of use of asset

decrease in assets = decreasing liabilities decrease in assets = decrease in owner's equity

Four types of effects in exchange of claims

increase in liabilities = decrease in equity increase in owner's equity = decrease in liabilities increase in one liability = decrease in another liability increase in one owner's equity = decrease in another owner's equity

Typical account titles used in statement of financial position

assets liabilities owners equity

Two classifications of asset

current assets and noncurrent assets

It expects to realize the asset or intends to sell it or consume it in its normal operating cycle

current asset

It holds the asset primarily for the purpose of trading

current asset

It expects to realize the asset within 12 months after the reporting period

current asset

The asset is cash or a cash equivalent unless the asset is restricted from being exchange or used to settle a liability for at least 12 months after the reporting period

current asset

All other assets that does not classify as the definitions for current asset

non-current asset

Examples of current assets

cash cash equivalent notes receivable accounts receivable inventories prepaid expenses

Is any medium of exchange that a bank will accept for the faucet at face value

cash

It includes coins currency checks money orders bank deposits and drafts

cash

These are short term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk changes in value

cash equivalent

Is a written pledge that the customer will pay the business a fixed amount of money on a certain date

notes receivable

These are claims against customers arising from sale of services or goods on credit

accounts receivable

This type of receivable offers less security than a promissory note

accounts receivable

These are assets which are a. Held for sale in the ordinary course of business b. In the process of production for such sale c. Or in the form of materials or supplies to be consumed in the production process or in the rendering of service

inventories

These are expenses paid for the business in advance

prepaid expenses

It is an asset because the business avoids having to pay cash in the future for a specific expense

prepaid expenses

These ______ items represent future economic benefits-assets-until the time they start to contribute to the earning process there then become expenses

prepaid expenses

Examples of non current assets

property, plant and equipment accumulated depreciation intangible assets

These are tangible assets that are held by an enterprise for use in the production or supply of goods or services or for rental to others or for administrative purposes and which are expected to be used during more than one period

property plant and equipment

Included are such items as land building machinery and equipment furniture and fixtures motor vehicles and equipment

property plant and equipment

It is a contra account that contains the sum of the periodic depreciation charges

accumulated depreciation

The balance in this account is deducted from the cost of the related asset equipment or buildings to obtain book value

accumulated depreciation

These are identifiable non-monetary assets without physical substance held for use in the production or supply of goods or services rental to others or for administrative purposes

intangible assets

This includes secret goodwill processes patent copyrights licenses franchises trademarks brand names subscription lists and non-competition agreements

intangible assets

It expects to settle the liability and its normal operating cycle

current liabilities

It holds the liability primarily for the purpose of trading

current liabilities

The liability is due to be settled within 12 months after the reporting period

liability current liability

The entity does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting period

current liabilities

Examples of current liabilities

accounts payable notes payable accrued liabilities unearned revenues current portion of long term debt

This accounts represents the reverse relationship of the accounts receivable

accounts payable

By accepting the goods or services the buyer agrees to pay for them in the near future

accounts payable

Is like a notes receivable but in a reverse sense

notes payable

The business entity is the maker of the note that is the business entity is the party who promises to pay the other party as specified amount of money on a specified future date

notes payable

Amounts owed to others for unpaid expenses

accrued liabilities

This includes salaries payable utilities payable interest payable and taxes payable

accrued liabilities

When the business entity receives payment before providing its customers with goods or services

unearned revenue

There are portion of the mortgage notes or bonds and other long term indebtedness which are to be paid within 1 year from the balance sheet date

current portion of long term debt

Examples of non current liabilities

mortgage payable bonds payable

This account records long term debt of the business entity for which the business entity has pledged certain assets as security to the creditor

mortgage payable

In the event that the death payments are not made the creditor can foreclose or cause the mortgage asset to be sold to enable the entity to settle the claim

mortgage payable

Business organizations often obtain a substantial assumes of money from lenders to finance the acquisition of equipment and other needed assets

bonds payable

They obtain these funds by issuing bonds

bonds payable

Is a contract between the issuer and the lender specifying the terms of repayment and the interest to be charged

bonds

Capital from the latin ______, meaning

capitals meaning property

Owner's equity account title

capital withdrawals income summary

This account is used to record the original and additional investments of the owner of the business entity

capital

100

It is increased by the amount of profit earned during the year or is decreased by a loss

capital

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問題一覧

Relate to a reporting entities financial position

asset liabilities equity

Relate to a reporting entities financial performance

income and expenses

A present economic resource controlled by the entity as a result of past events

asset

Is a right that has the potential to produce economic benefits

economic resource

A present obligation of the entity to transfer an economic resource as a result of past events

liability

The residual interest in the assets of the entity after deducting all its liabilities

equity

Increases an assets or decreases in liabilities that result in increase in equity other than those relating to contributions from holder of equity claims

income

Decreases an assets or increases and liabilities that result in decreases in equity other than those relating to distributions to holders of equity claims

expenses

The basic summary device of accounting

account

A separate account is maintained for each element that appears in the BALANCE SHEET (_______) and then the INCOME STATEMENT (_______)

asset, liabilities, and equity income and expenses

The simplest form of account is known as

t account

The account has three parts

account title left side or debit side right side or credit side

It states that assets must always equal liabilities and owners equity

accounting equation

The basic accounting model is

asset = liabilities + owners equity

The accounting equation

asset = liabilities + owners equity

______ is based on a DOUBLE ENTRY SYSTEM which means that the DUAL EFFECTS of a business transaction is recorded

ACCOUNTING

ACCOUNTING is based on a _______ which means that the DUAL EFFECTS of a business transaction is recorded

DOUBLE ENTRY SYSTEM

ACCOUNTING is based on a DOUBLE ENTRY SYSTEM which means that the _____ of a business transaction is recorded

DUAL EFFECTS

A _____ side entry must have a corresponding ____ side entry

debit credit

For every transaction there must be _____ debited and _____ credited

one or more accounts

Each transactions affect at least

two accounts

The total debits for a transaction must _____ to total credits

always equal

An account is _____ when an amount is entered on the left side

debited

An account is _____ when it is entered on the right side

credited

The abbreviations for debit and credit are _____. (from the latin _____) and _____. (from the latin ______)

DR debere CR credere

Increases in assets are recorded as

debits

Decreases in assets are recorded as

credits

Increases in liabilities and owners equity are recorded as

credits

Decreases in liabilities and owners equity are recorded as

debits

Increases in income are record as

in credits

Decreases in income are recorded as

debits

Increases in expenses are recorded as

debits

Decreases in expenses are recorded as

credits

What is the normal balance of assets

debit

What is the normal balance of liabilities

credit

What is the normal balance of owner's capital

credit

What is the normal balance for withdrawals

debit

What is the normal balance for income

credit

What is the normal balance for expenses

debit

What are the types and effects of transactions

source of assets (sa) exchange of assets (ea) use of assets (ua) exchange of claims (ec)

An asset account increases and corresponding claims (liabilities or owner's equity) account increases

source of assets (sa)

Examples Purchase of supplies on account Sold goods on cash on delivery bases

source of assets (sa)

One asset account increases and another asset account decreases

exchange of assets (ea)

Example Acquired equipment for cash

exchange of assets (ea)

An asset account decreases and the corresponding claims (liabilities or owners equity) account decreases

use of assets (ua)

One claims (liabilities or owner's equity) account increases and another claim (liabilities or owner's equity) account decreases

exchange of claims (ec)

Examples Settled accounts payable Paid salaries of employees

use of assets (ua)

Examples Receive utilities bill but did not pay

exchange of claims (ec)

What are the two types of effects for source of assets

increase in assets = increase in liabilities increase in assets = increase in owner's equity

What is one type of effect in exchange of assets

increase in one asset = decrease in another asset

Two effects of use of asset

decrease in assets = decreasing liabilities decrease in assets = decrease in owner's equity

Four types of effects in exchange of claims

Typical account titles used in statement of financial position

assets liabilities owners equity

Two classifications of asset

current assets and noncurrent assets

It expects to realize the asset or intends to sell it or consume it in its normal operating cycle

current asset

It holds the asset primarily for the purpose of trading

current asset

It expects to realize the asset within 12 months after the reporting period

current asset

The asset is cash or a cash equivalent unless the asset is restricted from being exchange or used to settle a liability for at least 12 months after the reporting period

current asset

All other assets that does not classify as the definitions for current asset

non-current asset

Examples of current assets

cash cash equivalent notes receivable accounts receivable inventories prepaid expenses

Is any medium of exchange that a bank will accept for the faucet at face value

cash

It includes coins currency checks money orders bank deposits and drafts

cash

These are short term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk changes in value

cash equivalent

Is a written pledge that the customer will pay the business a fixed amount of money on a certain date

notes receivable

These are claims against customers arising from sale of services or goods on credit

accounts receivable

This type of receivable offers less security than a promissory note

accounts receivable

inventories

These are expenses paid for the business in advance

prepaid expenses

It is an asset because the business avoids having to pay cash in the future for a specific expense

prepaid expenses

These ______ items represent future economic benefits-assets-until the time they start to contribute to the earning process there then become expenses

prepaid expenses

Examples of non current assets

property, plant and equipment accumulated depreciation intangible assets

property plant and equipment

Included are such items as land building machinery and equipment furniture and fixtures motor vehicles and equipment

property plant and equipment

It is a contra account that contains the sum of the periodic depreciation charges

accumulated depreciation

The balance in this account is deducted from the cost of the related asset equipment or buildings to obtain book value

accumulated depreciation

These are identifiable non-monetary assets without physical substance held for use in the production or supply of goods or services rental to others or for administrative purposes

intangible assets

This includes secret goodwill processes patent copyrights licenses franchises trademarks brand names subscription lists and non-competition agreements

intangible assets

It expects to settle the liability and its normal operating cycle

current liabilities

It holds the liability primarily for the purpose of trading

current liabilities

The liability is due to be settled within 12 months after the reporting period

liability current liability

The entity does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting period

current liabilities

Examples of current liabilities

accounts payable notes payable accrued liabilities unearned revenues current portion of long term debt

This accounts represents the reverse relationship of the accounts receivable

accounts payable

By accepting the goods or services the buyer agrees to pay for them in the near future

accounts payable

Is like a notes receivable but in a reverse sense

notes payable

The business entity is the maker of the note that is the business entity is the party who promises to pay the other party as specified amount of money on a specified future date

notes payable

Amounts owed to others for unpaid expenses

accrued liabilities

This includes salaries payable utilities payable interest payable and taxes payable

accrued liabilities

When the business entity receives payment before providing its customers with goods or services

unearned revenue

There are portion of the mortgage notes or bonds and other long term indebtedness which are to be paid within 1 year from the balance sheet date

current portion of long term debt

Examples of non current liabilities

mortgage payable bonds payable

This account records long term debt of the business entity for which the business entity has pledged certain assets as security to the creditor

mortgage payable

In the event that the death payments are not made the creditor can foreclose or cause the mortgage asset to be sold to enable the entity to settle the claim

mortgage payable

Business organizations often obtain a substantial assumes of money from lenders to finance the acquisition of equipment and other needed assets

bonds payable

They obtain these funds by issuing bonds

bonds payable

Is a contract between the issuer and the lender specifying the terms of repayment and the interest to be charged

bonds

Capital from the latin ______, meaning

capitals meaning property

Owner's equity account title

capital withdrawals income summary

This account is used to record the original and additional investments of the owner of the business entity

capital

100

It is increased by the amount of profit earned during the year or is decreased by a loss

capital